December 14, 2017 | BY admin
The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2017 tax liability — you just must act by December 31:
tax - taxes
December 13, 2017 | BY Yosef Z Klein
Tax laws for businesses are constantly changing, and they seem to get more complicated every year. Join Roth&Co expert Yosef Klein, CPA to learn the most important tax moves to make before the calendar flips—so you can keep more of your hard earned money and feel confident going into 2018.
business - small business - tax - taxes
November 22, 2017 | BY admin
On November 16th , the Senate Finance Committee approved its version of the Tax Cuts and Jobs Act, sending the bill to the full Senate for debate and a vote. The Senate is expected to take up the bill after it returns from its Thanksgiving recess. Once it is approved by the Senate, these two bills will need to be reconciled and approved by Congress before it is sent to President Trump to be signed. The U.S. House of Representatives passed the Tax Cuts and Jobs Act bill, H.R. 1, by a vote of 227–205, on Thursday afternoon, November 16th with all Democrats and 13 Republicans voting no. The legislation as passed had not been amended since its approval by the House Ways and Means Committee last week.
The following extensive, but not exhaustive list compares the major differences between the House and Senate tax reform bills and current tax law.
The House and Senate must then reconcile the two bills. After reconciliation, the House and the Senate must vote on the final bill and send it to the president before the end of the year. If it doesn’t add more than $1.5 trillion to the national debt over the next ten years, it can pass the Senate with a 51-vote majority. Otherwise, it would require a 60-vote majority to pass, which would be unlikely given the Democratic opposition to the plan.
We will keep you updated as the legislative process moves forward.
tax - taxes
November 14, 2017 | BY admin
Two valuable depreciation-related tax breaks can potentially reduce your 2017 taxes if you acquire and place in service qualifying assets by the end of the tax year. Tax reform could enhance these breaks, so you’ll want to keep an eye on legislative developments as you plan your asset purchases.
business - tax
November 10, 2017 | BY admin
With Veterans Day on November 11, it’s an especially good time to think about the sacrifices veterans have made for us and how we can support them. One way businesses can support veterans is to hire them. The Work Opportunity tax credit (WOTC) can help businesses do just that, but it may not be available for hires made after this year. (more…)
small business - tax - taxes